With skilled professionals, advanced treatments and supportive policies, medical tourism is booming, and companies are capitalizing on this trend to increase revenue and attract international patients.
Medical tourism is gaining momentum and it’s clear from company discussions that there is a huge opportunity. A detailed analysis of filings reveals that companies are focusing on the needs of overseas patients, including access to skilled medical professionals, advanced treatments and world-class facilities. This is revealed in GlobalData’s Company Filing Analysis Database, a leading data and analytics company.
Other factors such as availability of quality healthcare at affordable rates, ease of transportation and travel, favourable government policies etc. also play a vital role in attracting medical tourists in any country.
Medical tourism is now offering new revenue streams. For example, Max Healthcare Institute Ltd revealed in its earnings call that its international patient revenue in 2023 increased 14% year-on-year. Fortis Healthcare Ltd’s medical travel revenue grew 12% in FY24.
Misa Singh, business fundamentals analyst at GlobalData, commented: “To compete for a slice of this huge opportunity, companies are discussing strategies such as participating in exhibitions in other countries, expanding their distributor networks, collaborating with third parties outside their home country and licensing their technologies to make certain therapies available to patients receiving treatment overseas.”
“Meanwhile, some hospitals are focused on positioning themselves as a leading destination for international patients in certain medical specialties. Other key agendas include complying with regulatory requirements, focusing on building their reputation and brand in other countries, and developing international patient support programs.”
For example, Malaysia-based TMC Fertility has expanded its network of medical referral agents to attract medical tourists from various markets, and has participated in exhibitions in Indonesia and China as part of its strategy to attract patients from Asia.
BioRestorative Therapies Inc. plans to work with hospitals and physicians to make stem cell-based therapies available to patients receiving treatment overseas and has held discussions about establishing or licensing its technology to adult stem cell treatment facilities outside the U.S. The company is also focused on complying with regulatory requirements related to medical tourism in these countries.
HealthCare Global Enterprises Ltd is focused on positioning itself as a destination for international patients for cancer treatment. The company has begun selling specific products focused on specific international markets and has also opened a women’s division within this division specializing in breast and cervical cancer.
Rainbow Children’s Medicare is actively pursuing international business opportunities. The medical company recently signed a memorandum of understanding with Tanzania and has government partnerships with Oman, Zanzibar and other African countries.
Novartis AG has rolled out an international patient support program across priority markets that serves as a central resource for onboarding, education and support to assist patients in their healthcare.
Singh concludes: “Governments have recognised this as a huge opportunity to position themselves as a top destination for international patients and have embarked on amending policies to promote medical tourism within their countries. For example, the introduction of e-medical visa by India has played a key role in attracting medical tourists. Such favourable policies, coupled with strategies adopted by companies to attract medical tourists, are likely to boost medical tourism in the future.”
Theodore is co-founder and Editor-in-Chief of the TravelDailyNews Media Network and is responsible for business development and planning long-term opportunities for TravelDailyNews.
